Word: worthlessness
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...company put Saab, Opel, Saturn and Hummer up for sale, then killed Pontiac. (Marchionne promptly entered fire-sale bids for Opel and Saab.) As the expected bankruptcy filing approached, plans were under way for a complicated stock deal that would render existing shares essentially worthless. Secured bondholders were being offered full payment in new company stock, while others were being told to expect far less...
...General Motors (GM) into Chapter 11, using Treasury money to sustain the company as it works its way back to profitability. The government put another $4 billion into the car company on Friday. In the process of a government-supported bankruptcy, $27 billion in bondholder capital will probably become worthless, GM workers will be laid off and hundreds of dealers will be closed...
...been validated by serious legal concerns by economists and opposition lawmakers. Several legislators have pointed out that the new bills were printed without the signature of the Minister of Finance, as required by the country's Monetary Law, effectively making them fake bills. "These bills are illegal and worthless and should only be used to play Monopoly," says opposition legislative leader Wilfredo Navarro. "President Daniel Ortega is a counterfeiter. That's the level things have gotten to in Nicaragua these days." The lawmaker, a member of the legislature's Economic Commission, says "any serious government" would immediately recognize the error...
...said still concern her. “The great challenge of TV reporting is to take the full scope of an event and condense it,” Lara reflected. “The simplest [sic] you make a story the less you know, and that’s worthless to me.” As a reporter during conflicts such as the wars in Iraq and Afghanistan, Logan said that she has had to balance being a woman with her professional responsibilities. She recounted a time when her hotel was bombed and before going on air Logan, who repeatedly...
...becoming so desperate that it may offer a program to exchange its $28 billion in unsecured debt for equity in the company. The bondholders would not get a penny under the plan being proposed. The GM shares they would receive may be worthless in a year if the car company cannot mount a furious comeback against both the economy and more well-financed and adroit competitors from Asia. GM is so close to being put into Chapter 11, effectively at the hands of the federal government, that its offer of equity-for-debt will probably by-pass the powerful committee...